Telegram’s financial statement reveals $400 million in crypto holdings
Telegram CEO Pavel Durov Had $400 Million in Crypto on Time of Arrest That Was Only Worth That Much by the End of 2023, Company Insider Claims
Durov was arrested on August 24 after his plane landed at Le Bourget Airport near Paris. According to reports, He was charged with terrorism and smuggling of the country for conspiracy, fraud, money laundering etc. He was taken from custody to court about August 28.
For the year ended December 31, 2023, Telegram accrued an operating loss of $108 million but reported revenue of $342.5 million.
A report by the Financial Times reveals that about 40% of Telegram sales revenue are from digital assets activities as in “integrated wallet” and “collectible item sales.”
To date, Telegram has earned more than $4 billion in additional app store revenue.
On Telegram’s financials from 2023, the “integrated wallet: a software program for storing and trading crypto assets on behalf of users.”
The financial statement also noted that the company generated revenue from its users by selling collectible items (like usernames, virtual phone numbers) to them. The company enables user-to-user transactions of the collectibles and charges fees in return for this supporting service.
The total number of downloads for India in 2023 was the highest in the world, with a score reading an immense figure of around 83.85 million users while The United States was at third position having only 29.92million downloads.